U.S. Oil Inventory Fell by 7.4 Million Barrels: EIA

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Investing.com — U.S. oil stockpiles declined by more than expected for a second-straight week, according to government data.

Crude inventory fell 7.4 million barrels last week, far more than the expected draw of 3 million barrels and just a week after a surprisingly large 10.6 million a barrel draw, according to the Energy Information Administration. On Tuesday evening, the American Petroleum Institute’s own data report showed a draw of 8.6 million barrels for the week ending August 1, after a 6.8 million barrel draw the previous week.

Oil stored at the Cushing, Oklahoma, hub rose by 532,000 barrels, compared to expectations for an increase of 607,000 barrels.

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